Europeans Eyeing Investment in Iran's Petrochemical Industry

Date: 15 October 2016 - 20:34

News ID: ۳۲۲۶۳

TEHRAN (FNA)- A senior energy official announced that the European companies are eyeing investment in Iran's petrochemical sector.
"The European countries have welcomed Iran's petrochemical products in the post-sanctions era," NIPC Production Control Manager Ali Mohammad Basaqzadeh said on Saturday.
He reiterated that after the implementation of the Joint Comprehensive Plan of Action (JCPOA), the conditions for boosting export of Iran's petrochemical products have been prepared, and said, "Europe has a special place in this respect."
Iran is capable of producing 61 million tons of petrochemical products per year which is to be expanded to 120 million tons by the years 2025-2026.
About 19 million tons of petrochemical products worth $9.5 billion were exported last year.
In early July, the National Iranian Petrochemical Company resumed export of its products to Britain.
A consignment of Iran's petrochemical and polymer products was shipped to the UK.
Other countries such as Bulgaria, Romania, Greece, Italy and France have also shown interest to purchase Iran's petrochemical products.
Before the imposition of the western sanctions against Iran, the European countries had accounted for about 13 percent of the country's export of petrochemical and polymeric products.
Accordingly, Iran exported between $2 and $2.5 billion of its petrochemical products to the European countries every year.
According to a former UK ambassador to Russia, British companies are very keen to forge economic relations with Iran.